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The capital limits have increased from £13,500 to £14,000 (lower capital limit) and from £22,250 to £23,000 (upper capital limit) with effect from 6 April 2009.
These amounts are increased each April in order to ensure that capital limits keep pace with inflation. The National Assistance (Sums for Personal Requirements and Assessment of Resources) Amendment (England) Regulations 2009 provide for the new capital limits.
Anyone with capital (including property) of between £14,000 and £23,000 may be entitled to partial State Assistance. If your capital exceeds £23,000 you will need to pay for your own care.
Many homes have to be sold each year to meet the cost of long term care. It is possible to provide cover to protect the loss of capital on the estate, should the client require long term care at home or in a nursing home. This is subject to the health of the client at outset.
We strongly recommend clients review this area of their financial planning, as failure to do so may result in assets and investments you had planned to pass on to your family being claimed by the Local Authority, with careful planning the worst problems can be avoided and your estate can be passed on to the ones you love, not used up in care fees.
Who Needs Our Service?
- People now needing immediate long term care.
- Existing care home residents already paying for their care.
- Potential future care residents wanting to guarantee their care
payments ahead of the possible need for care.
- Existing or potential residents who want to ensure that their savings,
investments and other assets pass to their family and loved ones on
their death, rather than being depleted, or used up paying for care.
- Those looking after the financial affairs of any of the above by way of
acting as their "Attorney".
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